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cuts are those that are long lived and have permanent changes to people's income. if you are under your mortgage, you cannot go refinance at the bank. you are paying an interest rate well above what the market rates are. this has been noted by chairman ben bernanke. if people could simply refinance at the market rate, as they are now, it would be literally, for the average homeowner, thousands of dollars a lower payment per year that would go straight into their pockets. it would be the equivalent of a 30-year tax cut for them of thousand dollars a year. that is substantial. it is not just pure stimulus. the incidents in the short run of spending the money for people who are massively liquidity restraint and hurting, trying to figure out how to pay their bills each month, that tends to be higher than for the banks currently sitting on reserves and for the mortgage owners. that could have a positive impact. >> you said a lot that was very interesting. you talk about the sequestration possibly cutting 1% of the growth rate. it was suggested it would be a certain amount, 2% and above. talk
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